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Since all crypto transactions are traceable, I doubt it's something corrupt officials want to implement, they wouldn't be able to hide their stealing that way.

The Chinese government most likely can already see virtually all transactions made by the common Chinese folk, since WeChat/AliPay is very popular there.

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That is the whole point of having a blockchain where all the transaction are public and even if the criminal gangs, money launderers use it, the addresses are all traceable. No where to hide.

Now when you have a cryptocurrency that uses an encrypted blockchain where the transactions are private and are only known by the sender and the receiver, then you know that the Chinese government will not like such a thing to be used since they know that the criminal gangs and scammers are most exactly going to use something like that with Signal E2EE and MobileCoin for their illegal activities.

Certainly, it is very easy to hide your laundered digital cash on MobileCoin than it is on Bitcoin, or a stablecoin.

You do realize if you use credit or debit card, your banks gonna know, so therefore your government? Let's not pretend using WeChat/Alipay is somehow better or worse for that matter.

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